Market Updates

Market Update - 24 November 2023

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Publish date: Fri, 24 Nov 2023, 05:04 PM
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Market Updates

The Japanese Yen strengthens a bit on Friday amid hawkish BoJ expectations. A weaker risk tone further benefits the JPY's safe-haven status against the USD. The JPY bulls seem unaffected by softer domestic Core CPI print and PMI data. (FXStreet)

USD/CAD extends gains ahead of Canada’s Retail Sales release. The recovery in Crude oil prices could support the Canadian Dollar. US S&P Global PMI data is expecting a slight decline in November. (FXStreet)

EUR/USD loses ground as US Dollar attempts to rebound. Technical indicators suggest revisiting the major level at 1.0950 near the three-month high. The nine-day EMA at 1.0867 could act as the key support followed by the major level at 1.0850. (FXStreet)

NZD/USD receives upward support after support from upbeat Kiwi Retail Sales data. The new Chinese stimulus plan has given a boost to market sentiment. The increase in US Treasury yields could support the US Dollar. (FXStreet)

GBP/USD gains traction near 1.2540 ahead of the US PMI data. The pair holds above the 50- and 100-hour EMA; the RSI indicator stands in bullish territory above 50. 1.2550 will be the first resistance level; the critical support level will emerge at 1.2525. (FXStreet)

Australian Dollar could extend gains on the hawkish tone of RBA Governor Bullock. Australia’s chief policymaker highlighted that the inflation challenge is fueled by domestic demand. US Dollar receives downward pressure from the growing likelihood of further rate hikes by the Fed. Improved US Treasury yields could provide support for the Greenback. (FXStreet)

USD/CHF could register losses on the less likelihood of Fed interest rate hikes. Swiss Franc could lose ground as SNB reduced foreign currency reserves to a seven-year low. Improved US Treasury yields attempt to push the US Dollar into positive territory. (FXStreet)

GBP/JPY meets with some intraday sellers following an intraday uptick to over a one-week top. Bets for a shift in BoJ’s policy stance and a softer risk tone benefit the JPY, exerting pressure. BoE Governor Bailey’s hawkish remarks earlier this week and the upbeat UK PMIs to limit losses. (FXStreet)

UR/GBP attracts some sellers around 0.8700 ahead of the German GDP data. Eurozone Manufacturing PMI hit a six-month high, climbing to 43.8 vs. 43.1 prior. UK composite PMI surges unexpectedly in November, rising to 50.1 in November vs. 48.7 prior, above the market consensus. Traders await the German GDP Q3 and IFO Survey on Friday. (FXStreet)

USD/MXN faces a challenge as the Fed is expected to have ended policy-tightening. The recent hawkish FOMC minutes might have limited the losses of the US Dollar. Banxico minutes revealed the importance of keeping rates higher to bring inflation to its target. (FXStreet)

Indian Rupee edges lower amid the recovery in USD. Many analysts predicted Q2 Indian GDP to expand faster than the RBI's 6.5%. Investors will monitor the US S&P Global PMI ahead of India’s quarterly growth numbers next week. (FXStreet)

SARB keeps rates at 8.25% since their last hike in May 2023. Low trading volumes today will likely extend throughout the remaining trading session. USD/ZAR hovers around key resistance. (DailyFX)

WTI prices post modest gains near $76.50 ahead of US PMI data. OPEC+ confirmed to hold their next meeting on November 30 virtually. US crude oil inventories increased by 8.70M barrels last week vs. 4.60M barrels gain prior. US S&P Global PMI data will be in the spotlight on Friday. (FXStreet)

The index extends the consolidative theme near 103.70. Low volatility should persist following the Thanksgiving Day holiday. Advanced Manufacturing and Services PMIs are next on tap. The USD Index (DXY), which gauges the greenback vs. a bundle of its main competitors, extends the weekly consolidative mood below the 104.00 hurdle on Friday. (FXStreet)

Gold price extends its sideways consolidative move through the early European session. A goodish pickup in the US bond yields is seen acting as a headwind for the XAU/USD. The Fed rates uncertainty and a softer risk tone lend some support to the precious metal. (FXStreet)

Silver oscillates in a narrow trading band for the second successive day on Friday. Bullish oscillators on the daily chart support prospects for some short-term gains. A breakout through an ascending trend line is needed to confirm the bullish bias. (FXStreet)

Bitcoin Remains Below the $38k Mark as Rangebound Trade Continues. Crypto Industry Relatively Calm Despite Record Breaking Binance Fine and New CEO for the World’s Largest Crypto Exchange. Coinbase Appears to be an Unlikely Winner as it Continues to Advance. (DailyFX)

Source: FXStreet, DailyFX

Disclaimer: This information does not represent a BUY or SELL recommendation on the stock covered. Traders and Investors are encouraged to do their own analysis on stocks instead of blindly following any Trading calls raised by various parties on the Internet.

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